Celtrix, Genzyme deal

CTRX exercised its option to receive an additional $4.5 million equity investment from GENZ. The purchase price will not be less than $3 per share, said CTRX, which closed Friday at $1.812.

CTRX has 13.7 million shares outstanding prior to the purchase. The investment will raise GENZ's ownership in CTRX to 19.9 percent from 11.3 percent, the maximum allowed by the 1994 agreement, under which GENZ is developing CTRX's TGF-beta-2 for serious tissue damage. In June 1994, GENZ purchased 1.5 million shares. ...